For the first time since the Flyers were founded 50 years ago, the Snider family will not be involved with the franchise.
Comcast Corporation is buying the portion of the Flyers and other Comcast Spectacor properties owned by Ed Snider's estate. The company declined releasing the financial terms it will pay for the estate's 24 percent share.
Last year, Forbes valued the Flyers at $660 million, seventh among the NHL's 30 teams.
Snider, 83, died April 11 after a two-year battle with bladder cancer. He was the chairman of Comcast Spectacor, the Flyers' parent company.
The deal is expected to be finalized next month, at which time cable giant Comcast will own 100 percent of the company, including the Flyers, four Skate Zone arenas, the Wells Fargo Center, and Spectra businesses.